The proposed ₹4,000 crore IPO of Bagmane Prime Office REIT has been deferred amid ongoing market volatility linked to global geopolitical tensions. The offering, which had received regulatory approval and was expected to launch in March, may now be pushed to the latter half of April, depending on market conditions.

The delay reflects broader caution among institutional investors—particularly foreign funds—at a time when uncertainty has slowed capital market activity, even as India’s REIT segment continues to see strong long-term growth.

“The company was scheduled to file the updated offer document (UoD) in early March, and once the approval came in, planned to launch the public offering in March itself. Now, if the situation gets better, it could even happen in the latter half of April,” said a source on the condition of anonymity.

Among the many proposed IPOs that have been deferred due to the stock market volatility triggered by the conflict in West Asia, Bagmane Prime Office is currently the only real estate investment trust (REIT) IPO in the works.

The Bagmane Prime Office portfolio includes around 20 million sq. ft of Grade A office space, of which 16 million sq. ft is completed, across six office parks. Multinational companies constitute around 99% of its tenant base, with global capability centres accounting for 89% of the occupiers. Blackstone, the world’s largest alternative asset management firm, has acquired a minority pre-IPO stake in the underlying office portfolio.

Grade A offices and malls are premium spaces with good amenities and infrastructure, attracting higher rentals and a superior tenant base.

In the run-up to its proposed IPO, the company appointed Richard Hugh Andrew as chief executive officer, Ashay Shailesh Shah as chief financial officer, and Raj Kumar T as chief operating officer.

Post-IPO, the Bagmane REIT would be the sixth public-listed real estate investment trust in India. Other listed Reits include Brookfield India Real Estate Trust, Embassy Office Parks REIT, Knowledge Realty Trust, Mindspace Business Parks REIT and Nexus Select Trust. Blackstone and Sattva Group-sponsored Knowledge Realty Trust was the last REIT to go public, in 2025.

Reits pool income-generating real estate assets such as office parks and shopping malls, allowing investors to earn a share of the rental income.

Unlike traditional IPOs, qualified institutional buyers form the largest investor category for Reits, in which retail participation is still low.

Property analysts said that foreign capital from institutional investors, in particular, is on hold.

“There is very little attention on India from foreign funds right now due to the global war. For a REIT IPO, where institutional investors are significant, one cannot exclude an entire category of foreign capital. So, everyone is in a wait-and-watch mode,” said Shobhit Agarwal, chief executive, Anarock Capital.

The five listed Reits manage a portfolio spanning over 185 million sq. ft of Grade A office and retail space across India. Since inception, they have cumulatively distributed over ₹29,100 crore to unitholders, highlighting their growing significance in India’s capital markets, as per estimates by the Indian REITs Association (IRA).

As of December 2025, the total gross assets under management (AUM) of the Indian Reit market stands at over ₹2.5 trillion, IRA said in February.